TLDR
- US stock futures struggled for direction Tuesday as investors waited for Big Tech earnings and the Federal Reserve’s rate decision.
- Celestica shares jumped 16% after strong third-quarter results and a higher full-year outlook tied to AI infrastructure demand.
- Whirlpool shares fell 8.8% after a surprise loss and lower full-year guidance.
- Nucor, Novartis and Cadence Design Systems all reported third-quarter results, with Nucor and Novartis shares rising in premarket trading.
- Alphabet and Microsoft report Wednesday, and investors see only 10% odds of a Fed rate hike, per CME Group.
US stock futures struggled for direction on Tuesday morning. Investors held back from big moves ahead of Big Tech earnings and the Federal Reserve’s interest rate decision.
Contracts on the Nasdaq-100 fell 0.3%. Futures on the Dow Jones Industrial Average moved just above the flatline, and S&P 500 futures drifted lower after Monday’s gains.
Earnings Move Individual Stocks
Celestica shares surged 16% in premarket trading. The electronics manufacturer posted strong third-quarter results and raised its full-year outlook. The company pointed to booming demand for artificial intelligence infrastructure.
Whirlpool shares plunged 8.8%. The household appliance maker posted a surprise loss and cut its full-year guidance. The company is dealing with declining sales and shrinking margins.
Nucor shares advanced 1.4%. The steel producer reported a jump in third-quarter profit. Earnings from its steel mills segment more than doubled from a year ago.
Novartis shares climbed 1.3%. The Swiss drugmaker reported a drop in third-quarter net profit. It still raised its full-year guidance, despite some recent setbacks in clinical trials.
Cadence Design Systems shares slid 0.6% in premarket trading. The chip designer beat analysts’ third-quarter earnings target and raised its guidance. Its shares were up 23% over the year through Monday’s close.
AI Trade and Fed Decision in Focus
AI stocks continued to benefit from renewed investor interest. Anthropic filed its IPO investor prospectus publicly on Monday, which outlined both the promise and the risks of artificial intelligence.
The AI rally also reached Asia. It helped lift South Korean chip stocks and the KOSPI index, pointing to a solid opening for US tech shares.
Several blue-chip companies report earnings before Tuesday’s opening bell. They include Coca-Cola, Boeing, UPS, Visa, S&P Global, Corning, HCA Healthcare, Freeport-McMoRan, Sherwin-Williams, Hilton Worldwide, Royal Caribbean and PayPal.
Policymakers at the Federal Reserve begin a two-day meeting on Tuesday. They will discuss whether hotter-than-expected inflation calls for a rate hike.
Investors are not convinced the Fed will act. They are pricing in just 10% odds of a hike, according to CME Group.
Another catalyst for tech investors comes Wednesday. Alphabet and Microsoft will report their third-quarter results, and the Fed will announce its rate decision the same day.
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